World Bank Urges Philippines to Simplify Business Regulations
The Philippines could rake in additional investments of at least P5 billion to P10 billion from the private sector annually should it simplify business regulations, according to the World Bank.
In a briefing last week, World Bank Philippine office senior country economist Karl Kendrick Chua said business regulations in the Philippines tend to be cumbersome and limit the growth of innovative entrepreneurship and investments.
“Indicative estimates suggest the high cost of doing business is clearly a toll on the country’s inclusive growth agenda. We don’t have exact numbers, but if we have simpler regulations, we are seeing anywhere from at least P5 billion to P10 billion in new investments that can come in,” Chua said. Details